Is Litecoin About to Break Out?
Analysts are predicting that Litecoin, often called the “silver to Bitcoin’s gold,” may soon outperform Bitcoin. Tony “the Bull,” a certified chartist and Head of Research at NewsBTC, has outlined a bullish outlook for the 18th most valuable cryptocurrency. He points to monthly candlestick formations as signs of an imminent breakout that could push Litecoin higher in the coming weeks.
Potential for Impressive Gains
Tony “The Bull” also shared a chart indicating that the crypto community may witness something impressive soon. This aligns with his earlier assessment of Litecoin’s “SuperTrend” indicator, suggesting significant price gains in the near future.
Despite remaining within a bearish formation on the monthly chart, Litecoin has the potential to set a new trend depending on the breakout direction. If it surpasses $115, it could ignite demand and push the coin towards its previous highs of around $400.
Bitcoin ETF Approval Doesn’t Boost BTC
While Litecoin shows promise, Bitcoin’s performance has been lackluster lately. Despite the approval of 11 spot Bitcoin ETFs by the SEC, Bitcoin prices have failed to break above the $50,000 resistance level.
Although some Bitcoin supporters expected these ETFs to attract billions of dollars into the market, SEC Chair Gary Gensler maintains that Bitcoin is still a speculative asset despite the agency’s approval.
LTCBTC Chart Indicates Strength
In contrast to Bitcoin’s performance, Litecoin has remained resilient amidst market volatility. The LTCBTC chart shows that Litecoin has rallied 21% against Bitcoin since January lows, suggesting that it may outperform Bitcoin in the months ahead.
Hot Take: Litecoin Primed for a Bull Run
With bullish indicators and potential for impressive gains, Litecoin seems poised for a breakout. While Bitcoin’s performance remains uncertain, Litecoin’s strength against Bitcoin and its resilience in the market indicate that it may be on the verge of a bull run.
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